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Articles 1081 - 1110 of 3153
Full-Text Articles in Business
The Surprising Link Between The Economy And Personnel Evaluations, Nina Sirola
The Surprising Link Between The Economy And Personnel Evaluations, Nina Sirola
Research Collection Lee Kong Chian School Of Business
Macroeconomic changes lead to bias in how we assess the work of others.
The Making Of Successful Teams: A Study On Psychological Safety And Great Workplaces In Asia Pacific: 2018 Asia Insights, Richard Raymond Smith, Valerie Tan
The Making Of Successful Teams: A Study On Psychological Safety And Great Workplaces In Asia Pacific: 2018 Asia Insights, Richard Raymond Smith, Valerie Tan
Research Collection Lee Kong Chian School Of Business
Drawing on existing literature as well as our own research, we set out to answer this question: what is the best approach to foster quality teamwork that transforms companies into great workplaces that are future-ready? We considered this research question specifically in the context of Asia Pacific – a region where Gartner predicts that 80 percent of traditional companies may lose 10 percent of their market share by 2021 if disruptions are not well considered and addressed. For this purpose, we examined the Great Place to Work data gathered from over 800 organisations with more than 400,000 survey respondents across …
Partisan Conflict And Stock Price, Dashan Huang, Wang Liyao
Partisan Conflict And Stock Price, Dashan Huang, Wang Liyao
Research Collection Lee Kong Chian School Of Business
Partisan conflict has been one dominant theme in U.S. politics in recent years. By using the textual index of Azzimonti (2018), this paper shows that partisan conflict positively predicts market returns, controlling for economic predictors and proxies for uncertainty, disagreement, geopolitical risk, and political sentiment. A one standard-deviation increase in partisan conflict is associated with a 0.58% increase in next month market return. The forecasting power concentrates in periods when the president is from the Republican Party or the majority of House is Republicans. Partisan conflict is positively related to downside risk, and makes investors more conservative when its value …
Delayed Adoption Of Rules: A Relational Theory Of Firm Exposure And State Cooptation, Cyndi Man Zhang, Henrich. R. Greve
Delayed Adoption Of Rules: A Relational Theory Of Firm Exposure And State Cooptation, Cyndi Man Zhang, Henrich. R. Greve
Research Collection Lee Kong Chian School Of Business
Thestate creates and changes rules that coerce firms, but firms can delay or decouple responses to rule changes in order to managethe cost of demands. Theoryof compliance to thestate has not yet considered the degree to which the firm candelay adoption because of low exposure to rules and state linksthat allow cooptation, butboth of these relations between state power and firm ability to counteract itcan affect the adoption decision. This makes the response to state rule changes a more strategic outcome than the theoryof coercive isomorphism implies. We develop a relational theory of delayed firmcompliance to a state rule change …
The Market Impact Of The Appointment Of Female Directors In Listed Companies In New Zealand, Kuan Yong David Ding, Echo Su Chen
The Market Impact Of The Appointment Of Female Directors In Listed Companies In New Zealand, Kuan Yong David Ding, Echo Su Chen
Research Collection Lee Kong Chian School Of Business
This study examines investor reaction to the appointment of female directors in New Zealand-listed companies. Using the event study method, we ϐind that female directors tend to be appointed as independent directors rather than in a Chief Executive Ofϐicer (CEO) role. The results reveal that female board appointments are generally negatively associated with stock performance. This study captures both the gender diversity arising in New Zealand companies and the performance of stock price resulting from the reaction of investors to the different positions of female directors. The evidence of a decrease in market performance is shown by the negative cumulative …
Identifying Ineffective Monitors From Securities Class Action Lawsuits, Chi Shen Wei, Lei Zhang
Identifying Ineffective Monitors From Securities Class Action Lawsuits, Chi Shen Wei, Lei Zhang
Research Collection Lee Kong Chian School Of Business
We identify “ineffective” institutional monitors based on the prevalence of occurrences of securities class-action lawsuits in their overall portfolio. We find that firms with a higher representation of such institutional investors among the firms’ large shareholders have a greater likelihood of future litigation and experience more negative market reactions upon such litigation filings. These firms exhibit other unfavorable governance outcomes including poorer acquisitions and lower CEO turnover-performance sensitivity. We find suggestive evidence that ineffective monitoring may be a result of higher operational risk.
From The Editors: A Brief Primer On Data Visualization Opportunities In Management Research, Gokhan Ertug, Marc Gruber, Anthony Nyberg, H. Kevin Steensma
From The Editors: A Brief Primer On Data Visualization Opportunities In Management Research, Gokhan Ertug, Marc Gruber, Anthony Nyberg, H. Kevin Steensma
Research Collection Lee Kong Chian School Of Business
“A picture is worth a thousand words.” A picture or illustration not only helps readers to grasp the key content of a study, but also to remember it. A picture or illustration provides alternative mechanisms for communicating, akin to speaking a second language. In fact, research has long shown that individuals understand (Carney & Levin, 2002) and better remember information when it is delivered in pictures than when delivered in single words or short sentences (Shepard, 1967). Traditional data visualization methods, such as scatter plots, bar charts, histograms, line charts, and pie charts, are widely used inmanagement research. In parallel …
The Making Of A Construct: Lessons From 30 Years Of The Kogut And Singh Cultural Distance Index, Ilya R. P. Cuypers, Gokhan Ertug, Pursey Pmar M.A.R. Heugens, Bruce Kogut, Tengjian Zou
The Making Of A Construct: Lessons From 30 Years Of The Kogut And Singh Cultural Distance Index, Ilya R. P. Cuypers, Gokhan Ertug, Pursey Pmar M.A.R. Heugens, Bruce Kogut, Tengjian Zou
Research Collection Lee Kong Chian School Of Business
The 30-year anniversary of Kogut and Singh’s (1988) groundbreaking study that introduced the concept of cultural distance and its accompanying measure provides the opportunity to take stock of what makes for a good construct. We organize our discussion around the issues of concept, algorithm, and data to clarify and gauge their contribution, before highlighting the impact of their work more generally. Many of the challenges raised by critical observers focus on one of these three dimensions. As there is value in looking systematically at the construct from concept to data, we set out the argument of the index and discuss …
The Case For Learning Journeys, Siow-Heng Ong
The Case For Learning Journeys, Siow-Heng Ong
Research Collection Lee Kong Chian School Of Business
No abstract provided.
New Factors Wanted: Evidence From A Simple Specification Test, Ai He, Dashan Huang, Guofu Zhou
New Factors Wanted: Evidence From A Simple Specification Test, Ai He, Dashan Huang, Guofu Zhou
Research Collection Lee Kong Chian School Of Business
In this paper, we examine the pricing errors (PEs) of three kinds of factor models: a) six well known ones– the CAPM, the Fama-French three-factor model, the Carhart four-factor model, the Fama-French five-factor model, the Hou-Xue-Zhang Q-factor model, and the Stambaugh-Yuan mispricing-factor model; b) principal component factors of sixty-two anomalies; c) extracted statistical factors. We find that there is a systematic PE reversal pattern. A spread portfolio that buys stocks in the bottom PE decile and sells stocks in the top PE decile earns significant abnormal returns across all the models, implying that none of them is adequate in explaining …
The Human Penguin Project: Climate, Social Integration, And Core Body Temperature, H. Ijzerman, S. Lindenberg, I. Dalgar, S.S.C. Weissgerber, R.C. Vergara, A.H. Cairo, M.V. Colic, P. Dursun, N. Frankowska, R. Hadi, C.J. Hall, Y. Hong, C.P. Hu, J. Joy-Gaba, Sim Su-Hsien, Samantha
The Human Penguin Project: Climate, Social Integration, And Core Body Temperature, H. Ijzerman, S. Lindenberg, I. Dalgar, S.S.C. Weissgerber, R.C. Vergara, A.H. Cairo, M.V. Colic, P. Dursun, N. Frankowska, R. Hadi, C.J. Hall, Y. Hong, C.P. Hu, J. Joy-Gaba, Sim Su-Hsien, Samantha
Research Collection Lee Kong Chian School Of Business
Social thermoregulation theory posits that modern human relationships are pleisiomorphically organized around body temperature regulation. In two studies (N = 1755) designed to test the principles from this theory, we used supervised machine learning to identify social and non-social factors that relate to core body temperature. This data-driven analysis found that complex social integration (CSI), defined as the number of high-contact roles one engages in, is a critical predictor of core body temperature. We further used a cross-validation approach to show that colder climates relate to higher levels of CSI, which in turn relates to higher CBT (when climates get …
Decoy Effect, Anticipated Regret, And Preferences For Work-Family Benefits, Jochen Reb, Andrew Li, Jessica Bagger
Decoy Effect, Anticipated Regret, And Preferences For Work-Family Benefits, Jochen Reb, Andrew Li, Jessica Bagger
Research Collection Lee Kong Chian School Of Business
Attracting talent is one of the key challenges for organizations, and offering attractive work-family benefits plays an increasingly important role in succeeding at this challenge. However, behavioural decision theory suggests that when choosing among job offers with different work-family benefits, individuals may fall prey to a decoy effect and this effect may be mediated through anticipated regret. This effect occurs when preferences are influenced by a normatively irrelevant decoy option that is clearly inferior to one of the other options in the choice set, but not the other (i.e., ‘asymmetrically dominated’). Across two studies, we investigated preferences for two important …
Asian Relevance, Global Impact: Asian Management Research Entering A New Era, Daphne W. Yiu, Long W. Lam, Ajai Gaur, Seung-Hyun Lee, Chi-Sum Wong
Asian Relevance, Global Impact: Asian Management Research Entering A New Era, Daphne W. Yiu, Long W. Lam, Ajai Gaur, Seung-Hyun Lee, Chi-Sum Wong
Research Collection Lee Kong Chian School Of Business
In 1998, the Asia Pacific Journal of Management (APJM) was formally affiliated with Asia Academy of Management (AAOM), the official affiliate of the Academy of Management, with the mission to “encourage contextualized management research with Asian relevance towards contribution to global scholarship” (Lau, 2007: 401). According to Peng (2007), APJM has become a highly reputable and the most prestigious journal in Asian management research. To date, APJM has published over 1,000 articles with a five-year average journal Impact Factor of 2.647 (as of 2018).
Optimal Portfolio Choices And The Determination Of Housing Rents Under Housing Market Uncertainty, Gang-Zhi Fan, Ming Pu, Xiaoying Deng, Seow Eng Ong
Optimal Portfolio Choices And The Determination Of Housing Rents Under Housing Market Uncertainty, Gang-Zhi Fan, Ming Pu, Xiaoying Deng, Seow Eng Ong
Research Collection Lee Kong Chian School Of Business
This study proposes a utility indifference-based model to investigate the pricing issue of house rents under housing market uncertainty. Our model not only allows for the crucial features in the housing market, such as market incompleteness and high idiosyncratic risk, but also the interaction of households’ house tenure choices with their financial asset holdings. Our model provides interesting insights into the hedging of house market risk and determination of housing rents. In addition to the parameters describing the expected changes and volatility on stock and house returns, we also show that individual precautionary savings motive, idiosyncratic risk premium, and the …
Homophily And Individual Performance, Gokhan Ertug, Martin Gargiulo, Charles Galunic, Tengjian Zou
Homophily And Individual Performance, Gokhan Ertug, Martin Gargiulo, Charles Galunic, Tengjian Zou
Research Collection Lee Kong Chian School Of Business
We study the relationship between choice homophily in instrumental relationships and individual performance in knowledge-intensive organizations. Although homophily should make it easier for people to get access to some colleagues, it may also lead to neglecting relationships with other colleagues, reducing the diversity of information people access through their network. Using data on instrumental ties between bonus-eligible employees in the Equity Sales and Trading division of a global investment bank, we show that the relationship between an employee’s choice of similar colleagues and her performance is contingent on the position this employee occupies in the formal and informal hierarchy of …
Investors' Evaluations Of Price-Increase Preannouncements, Leon Gim Lim, Kapil R. Tuli, Marnik G. Dekimpe
Investors' Evaluations Of Price-Increase Preannouncements, Leon Gim Lim, Kapil R. Tuli, Marnik G. Dekimpe
Research Collection Lee Kong Chian School Of Business
Several firms preannounce their price increases with the expectation that such announcements will be evaluated favorably by investors. However, little is known about the actual effect they have on shareholder value. Accordingly, the authors present the first systematic empirical examination of investors' evaluations of 274 price-increase preannouncements (PIPs). Results show that whereas the average increase in abnormal returns following a PIP is 0.51%, almost 41% of the PIPs result in negative abnormal returns. To explore this heterogeneity, the authors propose a conceptual framework that focuses on three key pieces of information that investors can use when evaluating a PIP: information …
Monitoring From Afar: Do Foreign Institutional Investors Deter Insider Trading?, Claire Yurong Hong, Frank Weikai Li, Qifei Zhu
Monitoring From Afar: Do Foreign Institutional Investors Deter Insider Trading?, Claire Yurong Hong, Frank Weikai Li, Qifei Zhu
Research Collection Lee Kong Chian School Of Business
This paper examines the disciplinary effect of foreign institutional investors on opportunistic insider trading. Using a novel global insider trading data set containing 35,557 firms from 26 countries over the period 2000-2015, we find that greater foreign institutional ownership significantly reduces the profitability of insider trading, above and beyond the effect of domestic institutional ownership. Using the exogenous variation in foreign institutional ownership induced by MSCI index inclusion, we show that the effect is causal. The impact of foreign investors is stronger in countries with weak insider trading regulations and poor institutional environments, and operates mainly through the monitoring channel, …
Monitoring From Afar: Do Foreign Institutional Investors Deter Insider Trading?, Claire Yurong Hong, Frank Weikai Li, Qifei Zhu
Monitoring From Afar: Do Foreign Institutional Investors Deter Insider Trading?, Claire Yurong Hong, Frank Weikai Li, Qifei Zhu
Research Collection Lee Kong Chian School Of Business
This paper examines the disciplinary effect of foreign institutional investors on opportunistic insider trading. Using a novel global insider trading data set containing 35,557 firms from 26 countries over the period 2000-2015, we find that greater foreign institutional ownership significantly reduces the profitability of insider trading, above and beyond the effect of domestic institutional ownership. Using the exogenous variation in foreign institutional ownership induced by MSCI index inclusion, we show that the effect is causal. The impact of foreign investors is stronger in countries with weak insider trading regulations and poor institutional environments, and operates mainly through the monitoring channel, …
Warrants And Their Underlying Stocks: Microstructure Evidence From An Emerging Market, Charlie Charoenwong, David K. Ding, Nuttawat Visaltanachoti
Warrants And Their Underlying Stocks: Microstructure Evidence From An Emerging Market, Charlie Charoenwong, David K. Ding, Nuttawat Visaltanachoti
Research Collection Lee Kong Chian School Of Business
The Stock Exchange of Thailand provides an ideal platform for comparing the trading characteristics of warrants and their underlying stocks since both of them trade in the same market under identical trading rules. If their patterns diverge significantly, it may be possible for an astute trader to devise profitable arbitrage strategies during the life of the warrants. We find that both their patterns are downward-sloping for spreads, U-shaped for flow toxicity, volatility, depth concentration, and trading volume; and upward-sloping for depth and market order flow ratio. This implies that trading under identical market structures leads to similar trading characteristics. We …
Why Bcc-Ing The Boss Is A Bad Practice, David De Cremer, Jack Mcguire, Tessa Haesevoets
Why Bcc-Ing The Boss Is A Bad Practice, David De Cremer, Jack Mcguire, Tessa Haesevoets
Research Collection Lee Kong Chian School Of Business
Imagine you’re drafting an email about a sensitive project when you realize you need to keep your supervisor in the loop. You decide to Bcc her on the email. Later, the rest of the team finds out. How does this make them feel?
Event-Based Allocation Of Airline Check-In Counters: A Simple Dynamic Optimization Method Supported By Empirical Data, Mahmut Parlar, Brian Rodrigues, Sharafali Moosa
Event-Based Allocation Of Airline Check-In Counters: A Simple Dynamic Optimization Method Supported By Empirical Data, Mahmut Parlar, Brian Rodrigues, Sharafali Moosa
Research Collection Lee Kong Chian School Of Business
This paper studies the real-life problem of dynamically optimizing the number of airport check-in counters to allocate for a single flight. The main feature of our work is the use of empirical data collected at the Singapore Changi Airport, which drives the dynamic optimization model of a parallel queues system. We propose an event-based dynamic programming model that simplifies considerably the optimization analysis even for large-scale problems with 700+ booked passengers. We investigate the following research questions: (a) For a particular flight, what is the optimal number of counters the system should open with and what is the corresponding optimal …
Public Hedge Funds, Lin Sun, Melvyn Teo
Public Hedge Funds, Lin Sun, Melvyn Teo
Research Collection Lee Kong Chian School Of Business
Hedge funds managed by listed firms significantly under-perform funds managed by unlisted firms. The under-performance is more severe for funds with low manager deltas, poor governance, and no manager co-investment, or managed by firms whose prices are sensitive to earnings news. Notwithstanding the under-performance, listed asset management firms raise more capital, by growing existing funds and launching new funds post listing, and harvest greater fee revenues than do comparable unlisted firms. The results are consistent with the view that, for asset management firms, going public weakens the alignment between ownership, control, and investment capital, thereby engendering conflicts of interest.
The Informational Role Of Overconfident Ceos, Chi Shen Wei, Lei Zhang
The Informational Role Of Overconfident Ceos, Chi Shen Wei, Lei Zhang
Research Collection Lee Kong Chian School Of Business
We study how overconfident CEOs communicate with the market and whether this has implications on the firm’s information environment. Textual analysis reveals that overconfident CEOs communicate using less negative tone in their 10K/Q filings. Our evidence suggests that overconfident CEOs provide market participants with more value-relevant information as sell-side analysts make more accurate forecasts of their firm’s future earnings. Consistent with a reduction in asymmetric information, implied cost of equity capital is lower. However, not all investors benefit as the information advantage of short sellers disappears in the stocks of overconfident CEOs.
Marking To Market And Inefficient Investment Decisions, Clemens A. Otto, Paolo F. Volpin
Marking To Market And Inefficient Investment Decisions, Clemens A. Otto, Paolo F. Volpin
Research Collection Lee Kong Chian School Of Business
We examine how mark-to-market accounting affects the investment decisions of managers with reputation concerns. Reporting the current market value of a firm’s assets can help mitigate agency problems because it provides outsiders (e.g., shareholders) with new information against which the management’s decisions can be evaluated. However, the fact that the assets’ market value is informative can also have a negative side effect: managers may shy away from investments that indicate conflicting private information and would damage their reputation. This effect can lead to inefficient investment decisions and make marking to market less desirable when market prices are more informative.
Prosocial Implicit Trait Policies Underlie Performance On Different Situational Judgment Tests With Interpersonal Content, Stephan J. Motowidlo, Filip Lievens, Kamalika Ghosh
Prosocial Implicit Trait Policies Underlie Performance On Different Situational Judgment Tests With Interpersonal Content, Stephan J. Motowidlo, Filip Lievens, Kamalika Ghosh
Research Collection Lee Kong Chian School Of Business
This study tests the hypothesis that situational judgment tests (SJTs) with interpersonal content reflect implicit beliefs about the utility of prosocial action for job effectiveness and that agreeable people are more likely to believe that prosocial action is effective. Two hundred ninety-four undergraduates completed four different SJTs with interpersonal content and a measure of Agreeableness. Results show that the effectiveness of response options in these SJTs is positively correlated with the level of prosociality they express and that because of their prosocial elements, scores on different SJTs are correlated with one another and with Agreeableness. These results shed light on …
Mirror, Mirror On The Retail Wall: Self-Focused Attention Promotes Reliance On Feelings In Consumer Decisions, Hannah H. Chang, Iris W. Hung
Mirror, Mirror On The Retail Wall: Self-Focused Attention Promotes Reliance On Feelings In Consumer Decisions, Hannah H. Chang, Iris W. Hung
Research Collection Lee Kong Chian School Of Business
The authors propose that increased attention that consumers pay to themselves promotes relative reliance on affective feelings in making decisions. This hypothesis was tested in a variety of consumption domains and decision tasks, including real-life, consequential charitable donations. Consistent support from five experiments with more than 1,770 participants shows that (a) valuations of the decision outcome increase when consumers with high (low) self-focus adopt a feeling-based (reason-based) strategy. The hypothesized effect of self-focus on relative reliance on feelings in decision making is (b) moderated by self-construal. Further, greater attention to the self (c) increases evaluations of products that are affectively …
A Signaling Theory Of Institutional Activism: How Norway’S Sovereign Wealth Fund Investments Affect Firms’ Foreign Acquisitions, Gurneeta Vasudeva, Lilac Nachum, Gui-Deng Say
A Signaling Theory Of Institutional Activism: How Norway’S Sovereign Wealth Fund Investments Affect Firms’ Foreign Acquisitions, Gurneeta Vasudeva, Lilac Nachum, Gui-Deng Say
Research Collection Lee Kong Chian School Of Business
Combining perspectives from institutional activism and signaling theory literatures, we suggest that an activist sovereign wealth fund (SWF) can serve as an intermediary signaler, providing cues about host countries’ institutional environment to internationalizing firms. By publicizing its investments and engaging in institutional activism, a SWF can signal the institutional quality of host countries to internationalizing firms, thus allowing them to overcome the well-known “lemons problem” in international decision-making. We examine the impact of a SWF’s signals on firms’ ownership choices in their foreign acquisitions. Our empirical analysis of Norway’s socially responsible SWF and firms from Norway and Sweden during 1998–2011 …
Reading Between The Lines: Not All Csr Is Good Csr, David K. Ding, Christo Ferreira, Udomsak Wongchoti
Reading Between The Lines: Not All Csr Is Good Csr, David K. Ding, Christo Ferreira, Udomsak Wongchoti
Research Collection Lee Kong Chian School Of Business
Purpose: This paper aims to investigate whether corporate social responsibility (CSR), as evidenced in annual financial reports, is associated with a firm’s financial performance in New Zealand. Design/methodology/approach: A word count approach of several key CSR indicators found in the audited financial reports of NZX50 constituent firms is used. Several variables are constructed that measure the presence of CSR within the annual report such as sustainability, responsibility, social, environment, diversity, employee and community, and eight other variables within the annual report that measure the penetration of stakeholder engagement. Control variables and alternative measures of CSR are also included. Descriptive statistics …
Experience And Signaling Value In Technology Licensing Contract Payment Structures, Reddi Kotha, Pascale Crama, Phillip H. Kim
Experience And Signaling Value In Technology Licensing Contract Payment Structures, Reddi Kotha, Pascale Crama, Phillip H. Kim
Research Collection Lee Kong Chian School Of Business
Whencommercializing technology, the lack of proven results and a reluctance toinvest upfront resources hamper efforts by firms to work jointly with inventorsto bring new discoveries to market. An effective contract payment structure – amix of upfront and royalty payments – can help overcome these hurdles. Weconduct our research in university technology licensing, where licensingmanagers act as intermediaries to unite inventors and licensee firms. Rather than leveraging their experience to bargainfor maximum payments, highly experienced managers offer contractual paymentstructures that trade lower upfront payments for higher royalty payments inorder to signal value. The signal instills confidence in the value of the …
Place, Space, And Foreign Direct Investment Into Peripheral Cities, Conor Mcdonald, Peter J. Buckley, Hinrich Voss, Adam R. Cross, Liang Chen
Place, Space, And Foreign Direct Investment Into Peripheral Cities, Conor Mcdonald, Peter J. Buckley, Hinrich Voss, Adam R. Cross, Liang Chen
Research Collection Lee Kong Chian School Of Business
Perspectives drawn from the economic geography literature are increasingly used to generate insights into locational issues in international business. In this paper, we seek to integrate these literatures further by investigating the locational determinants of foreign direct investment (FDI) into peripheral cities within an emerging economy. Peripheral cities in emerging economies are attracting a growing proportion of global FDI flows, but the international business literature lacks a framework for understanding subnational determinants of FDI, particularly into non-core locations. We draw on the core-periphery model to build and test theory on how spatial interdependencies between subnational locations impact on the distribution …